Livent quarterly profit misses, cuts forecast on expansion woes (updated)

Allkem

31/10/2023 20:35

(Adds earnings comparison in paragraph four and expansion
details in paragraph two)
       Oct 31 (Reuters) - Lithium producer Livent Corp  LTHM.N 
posted a lower-than-expected quarterly profit on Tuesday and cut
its annual revenue and earnings forecast, citing expansion
delays in Argentina.
    The company pushed back the opening of a key expansion of
its lithium operations in northern Argentina to next year from
late 2023. The expansion is expected to boost production by
20,000 metric tons annually.        
    The company, which supplies lithium for Tesla  TSLA.O  and
BMW  BMWG.DE , posted third-quarter net income of $87.4 million,
or 42 cents per share, compared to $77.6 million, or 37 cents
per share, in the year-ago period.
    Excluding restructuring charges and other one-time items,
Philadelphia-based Livent earned 44 cents per share. By that
measure, analysts expected earnings of 46 cents per share,
according to IBES data from LSEG.
    Livent said its merger with rival Allkem  AKE.AX  is on
track to close by the end of the year. The combined company will
be called Arcadium Lithium.

 (Reporting by Ernest Scheyder; editing by Jonathan Oatis)
 ((ernest.scheyder@thomsonreuters.com; Twitter: @ErnestScheyder;
+1-713-210-8512; Reuters Messaging:
ernest.scheyder.thomsonreuters.com@reuters.net))